February 6, 2008, 2:27 pm
So far, the public markets have been kind to GLG Partners, a British hedge fund.
GLG made its first-ever earnings announcement as a public company, reporting a profit, excluding compensation costs related to its public offering last year, of $127.1 million. That’s a 72.3 percent rise over the same period a year earlier. Including the costs, GLG lost $315 million for the three months ended Dec. 31.
The news drove GLG’s shares up more than 10 percent in trading Wednesday morning, though they have since drifted down to about $12.47, or a 2.5 percent gain over Tuesday’s closing price.
Read more >>> NYT DealBookSee related >>> SEC Admin. Proceedings: In the Matter of GLG PARTNERS, LP
